Insurance regulator IRDAI has directed general and health insurance companies to ensure that all claims arising from loss due to the Fani cyclone are surveyed immediately and the payments disbursed at the earliest.
In any case, time taken to settle the claims should not exceed the stipulated timeline, a circular from Member (Non-Life) Sujay Banarji said. It also listed the steps insurers need to take, including immediately engaging adequate number of surveyors in the affected areas.
“There is an urgent need for insurance industry to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims,” the communication to heads of general and standalone health insurance companies said.
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IRDAI, which had also issued an advisory separately for life insurers, wanted the firms to launch an extensive awareness campaign on the steps taken by them in the the cyclone-affected States.
All non-life insurers, (including standalone health insurers), were advised to nominate a senior officer who would act as a nodal officer for the affected States. IRDAI also wanted the companies to submit information on insurance claims, related to Fani, daily.